Sales analytics could be defined as the practice of using data analytics in order to gain deep and detailed insights, which eventually leads to creating successful business strategies and opportunities.
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1. HOW TO DEVELOP BETTER SALES ANALYTICS FOR YOUR BUSINESS
- Keep things simple at first
It is a common thing that those sales analytics projects of large corporates that are led by IT departments often lead to failure due to their overcomplexity. In such cases, keeping in mind that simplicity and limiting the initial scope of initiatives could play an important role in sales analytics. Or, in other words, let’s start things from small steps.
- Don’t rely too much on tools
While it is true that there are tons of sales analytics tools on the market nowadays, it is important to keep in mind that they would not be able to interpret and make predictions based on those gained business insights. Such tasks require human brainworks. But still, they do help a lot in easing up such processes, thus making developing business strategies an easier task for you.
- Make sure gathered data is secured and accurate
A recommendation for business owners is to carry out a data cleansing project frequently as well as to ensure the accuracy and reliability of the data gathered. The analytics team should also agree on standard terminology first so as to avoid misunderstandings later.
- Sales operation experts should be involved
It is also important to have operation experts. They could be data scientists who prepare the reports, set up systems and evaluate sales enablement tools.
2. FOUR QUESTIONS TO ANSWER FOR SALES ANALYTICS
- What happened? For instance, did our sales increase or not?
- Why did it happen? For example, is it due to increased prices?
- What will happen? For instance, increased conversion rates next quarter.
- How to make it happen? For example, make use of sales notifications.
